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 CAJAMURCIA MORTAGE RATES
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sunderland
Teeing Off

United Kingdom
116 Posts

Posted - 25/11/2009 :  22:09:56  Show Profile  Reply with Quote
Last year my Cajamurcia mortage rate was set based on October and November 2008 Eurbor rates ( plus 1.1 %) resulting in me having to pay mortage rate of 5.25% ( as well as the euro rate crashing to 1 euro to the £..ouch ..it has being painfully to say the least !!)

Can anyone inform me of the Cajamurcia rate for OCTOBER AND NOVEMBER 2009...I am hopin for a rate of no more than 1% plus 1.1 %

I am sure ,i am not the only one who can not wait for some good news ?

Edgehill
Teeing Off

83 Posts

Posted - 26/11/2009 :  00:10:47  Show Profile  Reply with Quote
Don't want to bring you down, I was hoping that when my mortgage was reviewed in May.

Speak to Cajamurcia, they can give you an indication a few months in advance. I think you'll be looking at/around 4% in total. My payments were reduced by 140 euros, not bad but this was wiped out by the currency exchange rate.
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norgeo
On The Green

United Kingdom
224 Posts

Posted - 26/11/2009 :  06:28:47  Show Profile  Reply with Quote
This is a useful website :

http://www.euribor-rates.eu/euribor-rate-12-months.asp
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tamboli
On The Green

United Kingdom
214 Posts

Posted - 26/11/2009 :  11:08:24  Show Profile  Reply with Quote
Hey, when I checked on this earlier this year (when my rate reset in March) I was told that there is an embedded cap and floor in the Caja Murcia rates (they can't go below - I think he said 3 or so % and they can't go above a certain rate). Is anyone else aware of this?

Carl
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Edgehill
Teeing Off

83 Posts

Posted - 26/11/2009 :  12:26:43  Show Profile  Reply with Quote
Carl,

You're spot on, I was told the same, so when I had my annual review in Apr/May it came to 3% plus 1%.

They always have a clause to fleece you, that's the way it is with banks!
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sharonw
Approaching The Pin

Spain
34 Posts

Posted - 26/11/2009 :  15:46:04  Show Profile  Visit sharonw's Homepage  Reply with Quote
Hi All,

This is certainly the case with many lenders (but not all) and for new mortgages, as the base rates fall the lenders are increasing their margins....!

Kind Regards
Sharon
sharon@tmasspain.com
www.themortgageservicegroup.com
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GoingforGold
On The Green

United Kingdom
335 Posts

Posted - 26/11/2009 :  20:28:33  Show Profile  Reply with Quote
We have just been told by Cajamurcia that from Decenber 09 our new rate would be around 2.5% this is a big drop for us as we were fixed last Dec at 6.25%,
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tamboli
On The Green

United Kingdom
214 Posts

Posted - 27/11/2009 :  10:14:09  Show Profile  Reply with Quote
I'm a bit confused now. how comes Edgehill and I are paying the floor rate of 3% and Goingforgold has been told it's 2.5???

Goingforgold, are you sure that's not the base rate, to which you'll have to add the 1% Caja spread?

Regards, Carl
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sunderland
Teeing Off

United Kingdom
116 Posts

Posted - 27/11/2009 :  14:59:02  Show Profile  Reply with Quote
My Cajamurcia original offer T and C s dated december 2006, clearly state EURIBOR rate plus 1 %
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Pez
On The Green

181 Posts

Posted - 30/11/2009 :  14:40:54  Show Profile  Reply with Quote

Just to let you know, and for those planning on getting a mortgage, Bancaja doesn't have this clause regarding minimum payment :) This is a reason why I chose them, also they review mine every 6 months(could be good but could be bad too)with Euribor +0.9%. Sounds like many have got Euribor +1.1% ??? When I contacted my bank about improving on this additional +0.9%, he said that it was very good and couldn't offer a better rate. I've noticed a big decrease in payments since July, €256 pm, more than half the monthly cost :) so I suppose I can't complain.

Pez
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pricemi
Forum Admin

Spain
3967 Posts

Posted - 30/11/2009 :  15:22:35  Show Profile  Visit pricemi's Homepage  Reply with Quote
Changing your mortgage can be costly, I just did a simulation on bancaja website and to change a 150k mortgage to them costs 5,500 euros in set up charges
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sunderland
Teeing Off

United Kingdom
116 Posts

Posted - 30/11/2009 :  21:10:51  Show Profile  Reply with Quote
spoke to cajamurcia bank today ,who confirmed as of feb 2010 i will only be paying 2.25% going forward ( this includes the 1.1 % rate )

all i need now is for the euro to get up to 1.25 and it will be happy days
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sunderland
Teeing Off

United Kingdom
116 Posts

Posted - 08/01/2010 :  15:01:26  Show Profile  Reply with Quote
Written confirmation from Cajamurcia bank detailing new mortage rate of 2.34 % ( rate build up is 1.24 plus 1.1 %)

not sure how the rate gets to 2.34% as euribor is only about 0.35% but still pleased with any reduction .


This mortage was a polaris/cajamurcia type, which at the time ( dec 2006)also saved fees etc.

Has anyone else had confirmation of revied rates ?

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LTJoe
Hole In One

Ireland
880 Posts

Posted - 08/01/2010 :  15:39:35  Show Profile  Reply with Quote
quote:
Originally posted by sunderland

Written confirmation from Cajamurcia bank detailing new mortage rate of 2.34 % ( rate build up is 1.24 plus 1.1 %)

not sure how the rate gets to 2.34% as euribor is only about 0.35% but still pleased with any reduction .


This mortage was a polaris/cajamurcia type, which at the time ( dec 2006)also saved fees etc.

Has anyone else had confirmation of revied rates ?



You are quoting the one week rate! The rate used for mortgages is the 12 month rate which is currently 1.242%

See link http://www.euribor-rates.eu/current-euribor-rates.asp
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GoingforGold
On The Green

United Kingdom
335 Posts

Posted - 08/01/2010 :  19:06:20  Show Profile  Reply with Quote
We just had our mortgage rate reduced to 2.34% at Caja murcia only last week which was the anniversary of our mortgage.
Stuart


quote:
Originally posted by sunderland

Written confirmation from Cajamurcia bank detailing new mortage rate of 2.34 % ( rate build up is 1.24 plus 1.1 %)

not sure how the rate gets to 2.34% as euribor is only about 0.35% but still pleased with any reduction .


This mortage was a polaris/cajamurcia type, which at the time ( dec 2006)also saved fees etc.

Has anyone else had confirmation of revied rates ?



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sunderland
Teeing Off

United Kingdom
116 Posts

Posted - 10/01/2010 :  10:54:43  Show Profile  Reply with Quote
thank you for the web site details
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